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Protect Sapura from bankruptcy, Najib urges govt
Rafizi misses Sapura apology deadline, defamation suit looms
[Image: Shahril-Shamsuddin_Rafizi-Ramli_1.jpg]

PETALING JAYA: A defamation suit is looming over PKR vice-president Rafizi Ramli amid his political spat with former prime minister Najib Razak over the financial problems of Sapura Energy Berhad.

Rafizi had been issued a letter of demand for an apology and retraction of three articles containing allegedly libellous statements about Sapura group president and chief executive officer Shahril Shamsuddin.

The deadline for Rafizi to comply had expired last Tuesday and a defamation suit is expected to be filed in court by Shahril’s lawyers.

Shahril took offence to a claim by Rafizi that Sapura Energy’s majority shareholders, led by Shahril, had taken out a total of RM1.33 billion, made up of RM1.1 billion in salaries and the rest in other payments and dividends.

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How Sapura slipped on falling oil prices and Covid-19[/align

PETALING JAYA: Sapura Energy Bhd (SEB) is likely to remain the biggest corporate story in Malaysia for some time to come.

Tumbling oil prices and a global pandemic led to its fall, but the failure of a major stakeholder to act decisively to save the company may just bury it.

For the financial year ended Jan 31, 2022, the company reported an RM8.9 billion loss, one of the largest in Malaysian corporate history.

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Good plan ruined by half-hearted execution
[Image: sapura-energy-logo.jpg]

PETALING JAYA: If there was a well-thought out but poorly executed restructuring plan, it has to be that of Sapura Energy Bhd (SEB).

The oil and gas (O&G) services provider had been badly hit by the tumble in crude prices. A plan to reduce its debts and to raise working capital so that it could continue to secure new contracts was then put on the table.

However, the plan was never fully implemented. A major stakeholder would not or could not come up with the full sum it was expected to, while a new line of credit came with so many conditions attached that it was near impossible to utilise it.

The plan for a re
structuring exercise was first mooted in 2017. By then, SEB had begun to report losses.

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Debt-ridden Sapura might get help from finance ministry, claims report
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PETALING JAYA: The finance ministry might assist ailing Sapura Energy Bhd (SEB) which has raked up debts of RM10.3 billion and is at risk of collapse.

Finance minister Tengku Zafrul Aziz has been working on a proposal to provide the company with an “assistance package” and a grant, according to the Edge Weekly newspaper, which cited unnamed sources.

The report said another option being floated was for Permodalan Nasional Berhad (PNB) to pump more money into SEB but the report said this might face investor backlash as PNB unit holders have yet to earn any dividend from the 2019 investment in the firm.

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See you in court, Rafizi tells ex-Sapura boss over dividends, remunerations suit
[Image: Rafizi-Ramli-FB.jpg]

PETALING JAYA: Rafizi Ramli has been served with a writ of summons by a former Sapura Energy Berhad (SEB) CEO over the former MPs’ alleged libellous statements, including remuneration the latter had received.

Rafizi said he would defend his remarks in court, adding that what he had said was to “protect public interest”.

“Shahril (Shamsuddin) has welcomed my return to active politics with a court case,” he said in a statement, referring to his recent election to the post of PKR deputy president.

Rafizi said he received the writ on May 11, after failing to comply with a letter of demand for an apology and retraction of three articles containing allegedly libellous statements about Shahril.

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Rafizi’s day in court will put Sapura Energy under scrutiny
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Former Sapura Energy Berhad CEO Shahril Shamsuddin, upset with remarks by Rafizi Ramli, has taken the former Pandan MP to court.

Rafizi had issued the statements because he disagreed with Najib Razak’s suggestion on March 21 that the government inject funds to save Sapura Energy.

He said he would defend his remarks about Shahril’s remuneration in court, adding that what he had said was to “protect public interest”.

Many Malaysians would welcome the trial so that Sapura’s alleged mismanagement will be put to public scrutiny. They want to know if the alleged excesses of its former CEO and the failure of the board and managers to save the company from near bankruptcy are true.

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